Home

Wisdom of the Institutional Crowd: Implications for Anomaly Returns
(with AJ Chen and Gerard Hoberg) Coming soon
We show that institutional investors not only respond to news but also share information through news, resulting in predictable momentum and value returns.

Talent Retention Risk and Missing Corporate Investment
(with AJ Chen and Zhao Zhang) Coming soon
By constructing a new measure of firms' risk of losing key talent, we show that rising talent retention risk partially explains the increased investment-Q gap in the recent decade.

Under the Hood of Routine Share Decline
(with Nir Jaimovich and Nicolas Vincent) Coming soon
Contrary to the notion of creative destruction, we show that entrant establishments consistently have higher share of routine task labor. The declining routine share is entirely driven by incumbent establishments.